HSBC Hong Kong crypto

Tradfi Goes Crypto? HSBC Invests in MetaMask Wallet Developer ConsenSys

HSBC Hong Kong crypto
Hong Kong’s traditional financial industry goes big in crypto! HSBC announces its investment in Ethereum wallet MetaMask developer ConsenSys! Interestingly, the blockchain tech firm is looking to airdrop its own tokens for MetaMask users. So, will HSBC get $MASK?

HSBC, one of the world’s largest banks, has always been rejecting cryptocurrencies. Even though international banks such as Goldman Sachs launch crypto trading services for clients, HSBC refuses to do so.

Moreover, this April HSBC announced that it prohibits clients from trading crypto-related stocks, such as MicroStrategy.

This is the first time HSBC invests in a major blockchain tech firm. ConsenSys has received US$200 million from HSBC, U.S. hedge fund Third Point, among others. The Ethereum blockchain giant now has a market valuation of US$3.2 billion.

ConsenSys was founded by Joseph Lubin, Ethereum’s co-founder. ConsenSys mainly provides blockchain R&D services for corporations and financial institutions. Its main application, MetaMask, allows users to store ether (ETH) and other cryptocurrencies, NFTs, connecting users to DeFi platforms and dApps.

Will HSBC Receive MetaMask Airdrop $MASK Coin?

Popular among individual investors, MetaMask is the most well-known blockchain wallet in Ethereum. Currently, MetaMask has 21 million monthly active users, up 3,800% year-on-year.

Global financial institutions are flocking into the blockchain and crypto field. This April, ConsenSys received funding from JPMorgan, Mastercard, Alameda Research, Greater Bay Area Common Home Investment Corporation, among others. These investors have injected a total of US$65 million into ConsenSys for the latter’s stake.

Meanwhile, following airdrops from Ethereum projects – Ethereum Name Service (ENS), ParaSwap (PSP) – the market expects MetaMask to be the next to airdrop its own tokens to reward long-term users. Last week, Joseph Lubin tweeted that ConsenSys is looking into issuing the MetaMask coin $MASK.

Therefore, as HSBC becomes a shareholder of ConsenSys, will HSBC receive MetaMask’s $MASK coins in the future?

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